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Morgan Stanley upgraded Robinhood (HOOD) to Overweight from Equal Weight and raised its price target to $150 from $124, Crypto Briefing reported.
Morgan Stanley analyst Michael Cyprys said growth is likely to be driven more by higher revenue per existing user than by new user acquisition. In the second quarter of this year, the number of funded accounts at Robinhood rose 7% from a year earlier to 28.4 million, while average revenue per user increased 24% to $187. Crypto trading revenue was $100 million, and revenue from event contracts and prediction markets came to $156 million.